Poroshenko signed a law allowing not to pay debts

President of Ukraine Petro Poroshenko signed a law allowing the government, if necessary, to refuse to pay on the external debt of the state.

19 May bill was submitted to the Verkhovna Rada and, on the same day, passed. The authors of the initiative explained that the President, Viktor Yanukovych, who was removed from power, is responsible for a significant part of the debt, and does not intend to return the loans taken by him.

In the next four years, payments of Ukraine, for only currency obligations, should be about 30 billion dollars. Russia is among the largest creditors of the country.

In the Kremlin, the initiative of the Ukrainian government was called a step to default. Russian Finance Minister Anton Siluanov, in turn, promised to appeal to international courts against Ukraine’s possible refusal to pay the debt.

At the same time, the Ministry of Finance of Ukraine issues bonds under US guarantees.

The successful placement by Ukraine of Eurobond 1 billion dollars under US guarantees, the issue of which was launched by the 27 Ministry of Finance in May, will make it cheaper to service the country's public debt, according to the ministry's website.

"These bonds, along with the recent macro-financial support from the EU, are intended to replace the existing debt with more savings in terms of service and cheap international bonds," the report said.

The Ministry of Finance notes that in case of successful placement these bonds, together with the debt operations of Ukreximbank and the expected debt operation of Ukraine, should reduce the debt burden of Ukraine and create potential conditions for the country to return to the path of economic growth.